Gold price climbed to a two-month high the other day and the precious metal finished in positive territory for the first time in four sessions. This rise in gold comes as the US dollar softens, Treasury yields plummet after a sharp rise and help boost investment interest in the precious metal, experts say. So what’s next? cryptocoin.com We are giving the details as…
What’s next for the gold price? Analysts explain
“As the US economy started to slow down, we couldn’t get any more bullish in gold over the next six months,” said Michael Armbruster, managing partner of Altavest. He says gold’s price action has been particularly bullish given that Treasury yields are trending upwards. He thinks Treasury yields will peak soon, which could push gold prices to $2,000 or more.
“The high volatility and decline in the equity markets has helped the precious metal cover its losses to some extent,” said Naeem Aslam, chief market analyst at AvaTrade. The Dow Jones fell 0.96 percent, the S&P 500 index fell 0.97 percent and the Nasdaq fell 1.15 percent. The US Federal Reserve’s expectation of a rate hike has had the biggest negative impact on gold, as higher rates blunt the appeal of non-yielding gold and silver. The Federal Open Market Committee, which sets the rate, will meet on January 25-26.
“Investors should understand that higher interest rates increase the opportunity cost of holding interest-free assets, which makes them less attractive to investors,” Aslam said. “Central banks are taking action to bring down price pressures,” said Craig Erlam, senior market analyst at OANDA, in a market update.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.